Connect with us

Chainlink

Chainlink Price Prediction: LINK at inflection point, 11% upswing likely

Published

on

  • Chainlink price is hovering above the $23.71 support level, hinting at a potential rally.
  • A bounce off the said demand barrier might push LINK up by 11% to 26.47.
  • If the $22.06 foothold is breached, it will invalidate the bullish thesis.

Chainlink price is hovering above a crucial support level and could witness a minor upswing before a firm directional bias establishes itself.

Chainlink price at make or break point

Chainlink price has been sliding off the support levels since hitting a local top of $30.59 on August 16. In total, LINK has dropped roughly 21% to where it currently stands, $24.15.

Considering the unstable nature of the big crypto, Chainlink price could continue heading lower or undergo a minor upswing before the actual trend is set up.

Since LINK is heading toward a crucial support level at $23.71 and has a chance at forming a triple bottom, investors can assume the buying pressure will spike, pushing the altcoin up by 11%. The bulls need to slice through the 50% Fibonacci retracement level at $25.18 and tag the $26.47 resistance level to achieve this lift.

Advertisement

If the big crypto and the altcoins turn bullish, market participants can expect this uptrend to continue to the next barrier at $30.72. This move constitutes a nearly 30% upswing from the $23.71 support barrier.

LINK/USDT 1-day chart

LINK/USDT 1-day chart

While this narrative of a rally seems likely, a failure to bounce off the $23.71 demand level will indicate an extension of the downswing. The foothold at $22.06 is the next barrier that will try to absorb the buying pressure and trigger an upswing.

However, if the buyers fail to make a comeback and Chainlink price produces a decisive daily candlestick close below $22.06, it will invalidate the bullish thesis by setting up a lower low.

Advertisement

If the selling pressure continues to build up, the $20.06 support floor might be tagged.

News Source

Advertisement

Cardano

Cardano Partners with Chainlink to Integrate Oracles for Advanced Smart Contracts

Published

on

Cardano joins forces with Chainlink to provide extra support for developers building smart contracts by integrating oracles

The Cardano team has just published a blog post, announcing a partnership with Chainlink that will result in integrating Chainlink’s oracles. These will help developers build smart contracts for Cardano DeFi apps.

The collaboration was announced during the Cardano Summit today, on September 25.

Advertisement

Cardano teams up with Chainlink

Chainlink’s oracle networks supply data to blockchain networks and allow smart contracts to work with results of elections, sports statistics, crypto rates, etc. They can also operate weather data (Chainlink is now working with some fintech companies that are bringing parametric insurance to South Africa) and other types of data as well.

Chainlink oracles help run hybrid smart contracts on any DLT network. Presently, Chainlink secures billions of USD in DeFi apps, gaming apps, platforms related to insurance and other top industries.

Advertisement

Chainlink to power Cardano smart contracts

The integration of these oracles in the Cardano DLT will allow dev teams to supply institutional-grade data provided by Chainlink into their smart contracts. The oracles will support prediction apps that deal with sports data, weather data necessary for parametric insurance apps; they will be applied in the sphere of gaming and digital collectibles, like NFTs, etc, via multiple partnerships.

Founder of IOHK Charles Hoskinson stated that Chainlink oracles are necessary for advanced smart contracts and they will provide real-world data to the Cardano blockchain. He emphasized that Cardano intends to provide developers with best tools for creating solutions that will be of actual use.

Hoskinson believes that Chainlink oracle integration will also provide a perfect foundation for the DeFi ecosystem on Cardano.

Advertisement

News Source

Continue Reading

Chainlink

XRP, Chainlink and This Crypto Project Launching Bitcoin Smart Contracts Are ‘About To Go Crazy’, Says Altcoin Daily

Published

on

Altcoin Daily host Austin Arnold is listing three altcoins that he says are “about to go crazy”.

In a new video, Austin tells his one million YouTube subscribers that the altcoins in question are Dfinity Foundation’s Internet Computer (ICP), the bridge currency XRP, and blockchain oracle network Chainlink (LINK).

Kicking off the list with Internet Computer, Austin says that the crypto project focused on becoming a decentralized global computing platform, is planning to introduce smart contract functionality to Bitcoin.

Advertisement

Internet Computer smart contracts will gain access to Bitcoin liquidity and Bitcoin will gain powerful new smart contract functionality without the need for insecure and cumbersome trusted bridging services.

So this could be big – a DeFi [Decentralized Finance] ecosystem for Bitcoin is a major industry initiative. It would mean the world’s most popular cryptocurrency, Bitcoin, could be used for lending, yield farming, derivatives, liquidity pools and more.”

Turning to XRP, Austin says the developer Ripple Labs has encountered a setback in the lawsuit filed against it by the U.S. Securities and Exchange Commission (SEC).

Advertisement

“…Ripple filed a motion back in August 27th requesting information about whether SEC employees had purchased and traded Bitcoin, Ethereum and XRP. The United States Magistrate Judge Sarah Netburn rejected this motion on Tuesday…

…so what this means to you as a potential XRP holder is that Ripple will have to find another way to prove to the SEC that XRP is not a security. That’s of course the SEC’s point of view. They’re the ones that are suing Ripple and the case is heating up.”

In the case of Chainlink, Austin says that the blockchain oracle network’s recent integration with decentralized cold storage aggregator Coldstack is bullish.

Advertisement

“…big green flag for LINK holders. Here’s the reason Chainlink was chosen – because in their [Coldstack] words ‘Chainlink is the industry standard in blockchain oracles’.”

Austin also quotes Coldstack’s CEO Alexander Shishow showering praise on Chainlink.

“In a direct quote from Coldstack CEO… ’There really isn’t any substitute for Chainlink – if we want to provide the best data storage solutions for our users, then it makes sense to use the best oracle service provider in the industry.’”

Advertisement

News Source

Advertisement
Continue Reading

Chainlink

Chainlink Price Prediction: LINK prepares for quick 40% breakout

Published

on

  • Chainlink price is grappling with the 50% Fibonacci retracement level at $2.22.
  • A decisive close above this barrier is likely to trigger a 30% climb to $31.82.
  • If LINK fails to hold above $19.28, it will invalidate the bullish thesis.

Chainlink price is currently retesting the midpoint of the trading range as it tries to recover from the crash witnessed in the third week of September. A successful flip of this barrier will allow LINK to venture higher and recover the losses over the past week.

Chainlink price ponders a journey higher

Chainlink price rose 21% over the past 48 hours and encountered the 50% Fibonacci retracement level at $25.22. Although the buyers are struggling to push through this barrier, the future remains mildly optimistic.

A decisive close above $25.22 will indicate a resurgence of bulls and propel it to the next supply level at $27.39. While this is a temporary blockade, the market makers will likely push LINK to collect liquidity resting above the September 16 highs at $31.82.

However, investors need to note that this uptrend might first encounter a pullback to the 62% Fibonacci retracement level at $22.76.

Advertisement

This ascent to $31.82 would constitute a 40% climb from $22.76.

LINK/USDT 1-day chart

LINK/USDT 1-day chart

On the other hand, if Chainlink price fails to bounce off the 62% Fibonacci retracement level at $22.76, it will reveal a chink in the bulls’ armor. Such a development will likely push LINK to $21.02, a second chance to restart the uptrend. A breakdown below this level will create a lower low, invalidating the bullish thesis.

This move might trigger a further correction to the range low at $14.97 if the selling pressure persists.

Advertisement

News Source

Continue Reading

Trending